Ulta Beauty, Inc. (ULTA) intrinsic value & 10-year financials

Ulta Beauty, Inc. (ULTA) has a Graham intrinsic value of $851.65 per share. At $592.94 on Oct 17, 2026, the stock trades 30% below that value. Over the last 10 fiscal years revenue grew 11.0% a year to $12.4B, with an average return on invested capital of 31.6%.

Graham intrinsic value
$851.65
Share price (Oct 17, 2026)
$592.94
Price vs Graham value
30% below
Market cap
$26.7B
Revenue (FY2026)
$12.4B
Revenue growth (10-yr CAGR)
11.0%
ROIC (10-yr avg)
31.6%
Free cash flow (FY2026)
$1.1B

ULTA 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2026 $12.4B $1.2B $25.64 $1.1B 12.4% 30.2%
FY2025 $11.3B $1.2B $25.34 $964.1M 13.9% 36.3%
FY2024 $11.2B $1.3B $26.03 $1.0B 15.0% 42.7%
FY2023 $10.2B $1.2B $24.01 $1.2B 16.1% 44.9%
FY2022 $8.6B $985.8M $17.98 $887.1M 15.0% 37.4%
FY2021 $6.2B $175.8M $3.11 $658.5M 3.8% 6.2%
FY2020 $7.4B $705.9M $12.15 $802.8M 12.2% 21.9%
FY2019 $6.7B $658.6M $10.94 $636.7M 12.7% 36.4%
FY2018 $5.9B $555.2M $8.96 $338.7M 13.3% 33.3%
FY2017 $4.9B $409.8M $6.52 $260.6M 13.5% 26.4%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Ulta Beauty is a consistent compounder, expanding top-line revenue at 11.0% annually over the past decade.

Ulta Beauty has earned high returns on invested capital, averaging 31.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.

Over the decade, Ulta Beauty shows that management has aggressively returned capital to shareholders by retiring 28.4% of outstanding shares.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Ulta Beauty is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $851.65 per share.

ULTA stock: frequently asked questions

What is the intrinsic value of Ulta Beauty, Inc. (ULTA) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 15.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, ULTA's intrinsic value is about $851.65 per share.

Is ULTA stock undervalued?

At $592.94 (close on Oct 17, 2026), ULTA trades 30% below its Graham value of $851.65. On Graham's terms that leaves a margin of safety. A formula is a starting point for research, not a recommendation.

How fast has Ulta Beauty, Inc. grown?

Revenue went from $4.9B in fiscal 2017 to $12.4B in fiscal 2026, a compound annual growth rate of 11.0%. Net income was $1.2B in fiscal 2026.

Does Ulta Beauty, Inc. generate free cash flow?

Ulta Beauty, Inc. generated $1.1B of free cash flow (operating cash flow minus capital expenditures) in fiscal 2026. Free cash flow was positive in 10 of the last 10 reported years.

What is ULTA's return on invested capital?

Average ROIC over the last 10 fiscal years was 31.6%, and average return on equity was 42.5%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this ULTA data come from?

From Ulta Beauty, Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Jun 2, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

Similar retail-retail stores stocks